New York area top contributor to GDP

July 25, 2008 at 2:50 PM
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NEW YORK, July 25 (UPI) -- The New York metropolitan area leads the list of economic contributors to the U.S. gross domestic product, a study said.

The report, assembled by state Comptroller William Thompson Jr., says the area including New York City, Long Island and parts of northern New Jersey and southern Connecticut makes up 9.1 percent of the country's GDP, the New York Sun reported Friday.

The area makes up 6.6 percent of the country's population, the report said.

Coming in second, the greater Los Angeles area includes 7 percent fewer people and contributes 6.3 percent of the nation's GDP.

In dollars, the New York area contributes $1.129 trillion, while greater Los Angeles contributes $788.9 billion.

The figures, using 2005 data, should "prompt the federal government to consider the New York City metropolitan region when formulating its budget or implementing economic policies," Thompson said in a statement.

Locally, however, the report raises concerns about businesses moving to the suburbs. "It is a concern that the economic engine that is still driven by New York City is increasingly contributing to the tax base of Connecticut and New Jersey," said Kathryn Wylde, president of the Partnership for New York City, an organization of business leaders.

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